Ed Jones' clients set up Towry protest website
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Disgruntled Towry clients have launched a website and a petition calling on the regulator to take action against the firm for delays in transferring their funds away from the company.
The petition has been started by former Edward Jones clients who have been trying to transfer their assets away from the firm but say they are facing delays of up to four months.
Towry bought Edward Jones in October 2009 for a nominal fee and some Edward Jones’ advisers have left since the takeover.
The petition states: “We the undersigned, as Towry customers, request the coalition Government to instruct the FSA to take enforcement action on Towry under its obligations to treating customers fairly.”
The website, www.treatingcustomersshabbily.co.uk, is also calling for advisers to sign the petition. The website states: “Towry is ignoring our complaints, our phone calls, our letters and our emails. And they are still not transferring our assets.”
In June, Towry chief executive Andrew Fisher admitted there were delays with in-specie transfers but said the backlog should be cleared in a month. Head of marketing Peter Foster concedes Towry has failed to respond quickly to some clients but insists the firm is not ignoring concerns.
He says: “There have been some instances where we have not responded to clients but, in particularly busy times, we may not be able to get back to clients in a particular timeframe. We are not ignoring these concerns and are working hard to clear the backlog.
“We have 55 people working to process the transfers and we spoke yesterday about appointing more. If clients have any concerns about their assets, I would encourage them to contact us and we will work to resolve the situation.”
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